Interest expense incurred by a passive activity in which a taxpayer has an interest can be deducted against any interest income that the taxpayer has.

Name: Interest expense incurred by a passive activity in which a taxpayer has an interest can be deducted against any interest income that the taxpayer has.
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Question

Quizplus · Accepted Answer

Interest expense from a passive activity can only be deducted against income from the same passive activity, not against any interest income.

Interest Expense Incurred by a Passive Activity in Which a Taxpayer